PRIME Minister Datuk Seri Anwar Ibrahim has advised the people to practice thrift and prudence in spending following the current global economic uncertainty influenced by international conflicts.
He said the public needs to take precautions including saving money and avoiding waste, especially during the Ramadan period and ahead of Aidilfitri.
According to him, the current conflicts have a direct impact on the global economy including the increase in oil prices and the cost of basic goods.
“In the current situation which is still under control, I would like to remind the people to be more careful, frugal and try to save.
"During the fasting month and the upcoming Eid, don't be too extravagant because we don't know how long this economic situation can last," he said when delivering a speech at the Opening Ceremony of the Mengkuang Titi Mosque and the Nuzul al-Quran 1447H Celebration on Saturday.
Anwar also touched on the development of international conflicts that have affected the global supply chain, including the increase in world oil prices.
According to him, the war in Iran has caused world oil prices to double, thus putting pressure on the global economy.
However, he said, the government is still trying to maintain fuel prices at the current rate to reduce the burden on the people.
"I am trying to maintain the price as long as possible, including at RM1.99 (per liter).
"We pray that it can be maintained even though we do not know until when because world oil prices have almost doubled," he said.
He added that the situation has also become more complicated when the important global trade route in the Strait of Hormuz is affected when oil and gas tankers are blocked.
"More than 200 large tankers carrying oil, gas and engineering equipment are now stuck in the route, causing transportation costs to increase.
"The situation has also affected the prices of food and fertilizers brought from several countries such as Ukraine, Russia and Europe. All of this has caused costs to increase sharply and has affected the prices of goods," he said.
In this regard, he said, the government is holding a meeting to find ways to curb the impact of the increase in costs on the people.
However, at the same time, he reminded the people to be prepared and be smarter in managing their finances if the global economic situation becomes more challenging.
"When a major economic crisis comes, it is not something that is easy to resolve. That is why the people need to be aware and help each other.
"I hope the people continue to be given strength and prosperity in facing the current economic challenges," he said.
According to latest media reports, the conflict between Iran and the US-Israeli alliance continued to spread throughout West Asia on Friday, with new military attacks, regional security incidents and increasing humanitarian and economic impacts reported in several countries.
US Central Command (CENTCOM) Commander Admiral Brad Cooper claimed that American B-2 bombers had dropped dozens of 2,000-pound (about 900 kilograms) penetrating bombs on Iranian underground ballistic missile launchers with nearly 200 targets across Iran attacked over the past 72 hours, including areas around the capital Tehran, Anadolu Agency reported. – March 7, 2026
